About Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the costs result from getting your loan. At Longhorn Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always estimate your closing costs to the penny. We handle questions about closing costs every day at Longhorn Mortgage, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Longhorn Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Longhorn Mortgage can answer questions about these closing costs. Give us a call: 512-302-9410.
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